Always plan for worst case scenario, have back up cash for the unexpected and put your agreement with him in writing.  

It can be really worthwhile to manage your own properties to learn what it's like, but eventually you have to look at your time and realize that by managing your own properties you can quite unexpectedly be loosing money due to opportunity costs.For example, recently I had two units turn over in a plex that I own about five miles from where I live here in Portland.

I apologized for not answering back to you and n time, I got caught up with something unexpected.

Once under contract - you can re-negotiate if anything unexpected comes up during the DD period.

As a matter of fact, if you want help buying the other 2 out, let me know, would be happy to consider investing with a partner in Montreal in a triplex. 

The work we are planning on doing is whole new kitchen and siding are the big ticket items along with all the necessary repairs needed paint, new storm doors, landscaping, light fixtures, switch and outlet covers, minor electrical work, etc. 

Maybe we can help each other out. Let

In addition to your closing costs and down payment you should have at least several thousand in reserves for each property for just such emergencies as well as carrying you over during unexpected vacancies, evictions, and tenant destruction of property - it happens more than you think.  

Or my personal favorite: head over the Sear Outlet (or your equivalent) and look for whatever is randomly left over.  

And if you show up unexpectedly (no notice) banging on the door and there's an active drug lab in the unit, landlord or not, that's not a situation you want to find yourself in.